The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
The Supreme Court on Friday said there should be a robust mechanism to ensure that the interests of Indian investors are protected in the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani group's stock value.
Experts share their views on the steps that will help businesses become GST-ready.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
These airports are those at Amritsar, Varanasi, Bhubaneswar, Indore, Raipur and Trichy.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
With only West Bengal sending in the draft amendments to Value-added Tax Bill, the finance ministry said on Thursday that a new roadmap will be drawn up for the implementation of the progressive tax regime, which was to be effective from June 1.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
Close on the heels of truckers' strike, tea traders and producers across the country on Monday began their two-day nationwide agitation in protest against the proposed 12.5 per cent tax slab on tea under the value-added tax regime.
The finance minister said the government was open to suggestions.
Leading trade associations on Wednesday threatened to go on a 48-hour nationwide strike from March 31 to protest the introduction of value-added tax from the next fiscal.
The EU also feels that Tamil Nadu has adopted a restrictive practice for imported liquor. Significantly, a similar complaint by the trade bloc at the WTO led to the elimination of additional Customs duty on imported liquor in 2007.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
Sentiments may get impacted as mutual funds have been gaining traction among investors as route to invest in stock markets
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
Shyam Ponappa explores what the right aims and strategies could do for us.
They have been on an unbroken selling streak since the Union Budget, spooked by increase in income-tax surcharge, taxes on buybacks, and lack of stimulus to prop up the economy.
Govt may not announce any new concessions in excise duty
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances